Young Turks: Is Las Vegas Going Under?

[CherylK]

Run time: 05:14 https://www.youtube.com/watch?v=NqsTEmbI0Zk   Posted on YouTube: July 28, 2010 By YouTube Member: TheYoungTurks Views on YouTube: 14666   Posted on DU: July 30, 2010 By DU Member: CherylK Views on DU: 793

 
http://www.huffingtonpost.com/2010/07/27/nevadas-economic-misery-m_n_661043.html

[ErikJ]

1. First Ghost City?

A result of RWing Boom and Bust trickledown economics.

[watajob]

2. The underlying structural problem ...

... is the economy there is/was built on "discretionary spending" of households and, well, next to no one has any of that any more. If you can make your bills these days, you're blessed. If some one has any money left at the end of the month, it's going under the mattress, (which is now a viable investment strategy!), not on a trip to Vegas.

[tomm2thumbs]

3. people I know are hitting the local Indian casinos instead - better return on play

The Vegas casinos know they are in the money-taking business. I remember talking with an executive for a major Vegas casino. I jokingly asked, 'if you are looking to make more money, why don't you just hire a bunch of pick-pockets to work the casino?' He smiled, 'we call those slot machines'.

They know the game. Everyone else is starting to figure it out.

[formercia]

4. The take is going to get bigger

There are regulations on how much the Casinos can skim, but watch them push the limits to squeeze every penny out of the marks.

They can cut overhead, but then who will want to go to a place with no glitter and hustle?